Financial report for the period 1 January 2023 to 31 March 2023
4 May 2023

Novo Nordisk's sales increased by 27% in Danish kroner and by 25% at constantexchange rates to DKK 53.4 billion in the first three months of 2023
• Operating profit increased by 31% in Danish kroner and by 28% at constant exchange rates (CER) to DKK 25.0 billion.

• Sales in North America Operations increased by 47% in Danish kroner (41% at CER). Wholesaler inventory movements in
the US positively impacted sales growth. Sales in International Operations increased by 9% in Danish kroner (10% at
CER).

• Sales within Diabetes and Obesity care increased by 33% in Danish kroner to DKK 48.8 billion (31% at CER), mainly
driven by GLP-1 diabetes sales growth of 54% in Danish kroner (50% at CER). Rare disease sales decreased by 15%
measured in Danish kroner (16% at CER) reflecting a temporary reduction in manufacturing output.
• Obesity care sales grew by 131% in Danish Kroner to DKK 7.8 billion (124% at CER) mainly driven by the uptake of®
®
Wegovy in the US. A second contract manufacturer for Wegovy initiated production in April 2023.
• Within R&D, Novo Nordisk successfully completed the PIONEER PLUS phase 3 trial with oral semaglutide 25 mg and 50
mg demonstrating superior reductions in HbA1c and body weight versus 14 mg in people with type 2 diabetes.
• On 13 April 2023, the 2023 outlook was raised with sales and operating profit growth at CER now expected to be
24-30% and 28-34%, respectively. Sales and operating profit growth reported in Danish kroner are now expected to be
6 and 9 percentage points lower than at CER, respectively. The ongoing share repurchase programme is expanded by
DKK 2 billion to DKK 30 billion.

Q1 2023

Q1 2022Growthas reported

Growthat CER*

Net sales

53,36742,031

27%

25%

Operating profit

25,007

19,14731%

28%

Net profit

19,814

14,210

39%

N/A

8.78

6.22

41%

N/A

PROFIT AND LOSSDKK million

Diluted earnings per share (in DKK)
* CER: Constant exchange rates (average 2022).

Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the sales growth in the first three months of2023. The growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, particularly in the®
US where the prescription trend for Wegovy highlights the high unmet need for people living with obesity. The sales
momentum and continued expansion of the supply capacity have enabled us to raise the outlook for the full year."On 4 May 2023 at 13.00 CEST, corresponding to 07.00 am EDT, an earnings call will be held. Investors will be able to listen in via
a link on novonordisk.com, which can be found under ‘Investors’.
Novo Nordisk A/SInvestor Relations

Novo Alle 12880 Bagsværd
Denmark

Telephone:+45 4444 8888
www.novonordisk.com

CVR Number:
24 25 67 90

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 2 of 29

STRATEGIC ASPIRATIONSSTRATEGIC ASPIRATIONS 2025
The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo
Nordisk's financial outlook or expected growth. Novo Nordisk intends to describe how its activities develop in relation toeach of the four dimensions on an ongoing basis.
Performance highlights for the first three months of 2023
PERFORMANCE HIGHLIGHTS

Purpose and sustainability (ESG)
Progress towards zero environmental impact:–

Carbon emissions from operations and transportation decreased by
21% compared to first quarter of 2019 (increased by 5% compared to
the first quarter of 2022)–

Human insulin with more flexible storage without refrigeration
now approved in 11 countries

Being recognised as a sustainable employer:

Adding value to society:–

Medical treatment provided to 37.2 million people living withdiabetes–

Reaching more than 42,000 children in Changing Diabetes inChildren programme–

Share of women in senior leadership positions has increased to
39% from 37% end of March 2022®

Innovation and therapeutic focus
Further raise innovation bar for diabetes treatment:

Strengthen and progress Rare disease pipeline:

–

–

–
–

Regulatory submission of once-weekly insulin icodec in the EU, theUS and China
Successful completion of phase 3 trial with higher doses of oralsemaglutide
Completion of phase 2 trial and first cohorts of phase 1 trial with
GLP-1 and GIP combinations–

Establish presence in other serious chronic diseases:–

Develop superior treatment solutions for obesity:–

Somapacitan approved in the US for the treatment of growth
hormone deficiency in children
Complete Response Letter received for concizumab in the US

Phase 1 trials initiated with cell therapy treatment in heart failure
and Parkinson's disease

Phase 3a trials REDEFINE 2 and 3 initiated with CagriSema in people
with obesity

Commercial execution
Strengthen diabetes leadership to more than one-third:

More than DKK 25 billion in Obesity sales by 2025:––

Diabetes value market share increased by 1.7 percentage points to
32.2% (MAT)

Obesity care sales increased by 124% (CER) to DKK 7.8 billion

Secure a sustained growth outlook for Rare Disease:–

Rare disease sales decreased by 16% at (CER) at DKK 4.6 billion

Financials
Deliver solid sales and operating profit growth:

Drive operational efficiencies:–––

Sales growth at 25% (CER)
Operating profit growth of 28% (CER)

Enable attractive capital allocation to shareholders:––

Strategic
aspirations

Performancehighlights

Commercial
execution

Operational leverage reflecting sales growth

Financials

Cash flow andcapital allocation

Free cash flow of DKK 24.8 billion
DKK 23.5 billion returned to shareholders

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 3 of 29

PERFORMANCE HIGHLIGHTSFINANCIAL HIGHLIGHTS FOR THE FIRST THREE MONTHS OF 2023
% change
Q1 2023 to
Q1 2022 at
CER

Q1 2023

Q1 2022% change
Q1 2023 to
Q1 2022Net sales

53,36742,031

27%

25%

Gross profit
Gross margin

45,185
84.7%

35,114
83.5%

29%

26%

Sales and distribution costs
Percentage of sales(12,412)23.3%(10,183)
24.2%

22%

20%

Research and development costs
Percentage of sales(6,728)12.6%(5,206)
12.4%

29%

28%

Administrative costs
Percentage of sales(1,071)
2.0%

(970)
2.3%

10%

9%

33

392

(92%)

(92%)

Operating profit (EBIT)

25,007

19,14731%

28%

Operating margin

46.9%

45.6%

Financial items (net)(270)(1,228)

(78%)

N/A

Profit before income taxes

24,737

17,91938%

N/A

Income taxes
Effective tax rate

(4,923)19.9%(3,709)
20.7%

33%

N/A

Net profit
Net profit margin

19,81437.1%

14,210
33.8%

39%

N/A

Depreciation, amortisation and impairment losses
Capital expenditure (PP&E)
Net cash generated from operating activities
EBITDAFree cash flow

1,719
4,693
29,814
26,726
24,764

1,650
1,520
23,586
20,797
21,568

4%
209%
26%
29%
15%

N/A
N/A
N/A
26%
N/A

Average number of diluted shares outstanding (million)
Diluted earnings per share / ADR (in DKK)

2,256.6
8.78

2,283.3
6.22

(1%)
41%

N/A
N/A

Full-time equivalent employees end of period

57,08949,295

16%

N/A

PROFIT AND LOSS
(Amounts are in DKK million, except for earnings per share)

Other operating income and expenses

OTHER KEY NUMBERS

These unaudited consolidated financial statements for the first three months of 2023 have been prepared in accordancewith IAS 34 ‘Interim Financial Reporting’ and additional Danish disclosure requirements for listed companies.
The accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2022 of Novo
Nordisk.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 4 of 29

COMMERCIAL EXECUTIONSALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 27% measured in Danish kroner and by 25% at CER in the first three months of 2023, driven by Diabetes
care sales growth of 21% (CER) and Obesity care sales growth of 124% (CER). Rare disease sales decreased by 16% (CER).
Wholesaler inventory movements in the US positively impacted sales growth. Sales growth has resulted in periodic supply
constraints and related drug shortage notifications across a number of products and geographies.

Sales Q1 2023
DKK million

Sales Q1 2022
DKK million

Growthas reported

Growthat CER

Share of growthat CER

22,455
19,6402,815
4,356

15,357
12,035
3,322
2,063

46%
63%
(15%)
111%

43%
59%
(17%)
107%

63%
68%
(5%)
21%

26,811

17,420

54%

50%

84%

4,133

4,796

(14%)

(14%)

(6%)

2,776

3,012

(8%)

(7%)

(2%)

Fast-acting insulin

4,488

4,842

(7%)

(9%)

(4%)

Human insulin

2,012

2,312

(13%)

(11%)

(3%)

13,40914,962

(10%)

(11%)

(15%)

Sales split per therapy
Diabetes and Obesity care segment
Injectable GLP-1®
- Ozempic®
- Victoza®
Rybelsus
Total GLP-1
1

Long-acting insulin
2

Premix insulin

3

Total insulin
4

Other Diabetes care

729

884

(18%)

(21%)

(2%)

Total Diabetes care

40,94933,266

23%

21%

67%

4,563
3,279

1,404
1,998

225%
64%

211%
63%

29%
12%

®

Wegovy®
SaxendaTotal Obesity care

7,842

3,402

131%

124%

41%

Diabetes and Obesity care total

48,791

36,668

33%

31%

108%

Rare disease segment
5
Rare blood disorders

3,049

3,077

(1%)

(3%)

(1%)

1,128

1,820

(38%)

(38%)

(7%)

6

Rare endocrine disorders
7

Other Rare disease

399

466

(14%)

(12%)

0%

Rare disease total

4,576

5,363

(15%)

(16%)

(8%)

Total sales

53,36742,031

27%

25%

100%

1)

®

®

®

Comprises Tresiba , Xultophy and Levemir .

2)

®

®

Comprises Ryzodeg and NovoMix .

3)Comprises Fiasp and NovoRapid .

4)

Primarily NovoNorm , needles and GlucaGen HypoKit .

5)

Comprises NovoSeven , NovoEight , Esperoct , Refixia and NovoThirteen .

6)

Primarily Norditropin .

7)

Primarily Vagifem and Activelle .

®

®

®

®

®

®

®

®

®

®

®

®

Strategic
aspirations®

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 5 of 29

DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 23% measured in Danish kroner and by 21% at CER to DKK 40,949 million driven by
growth of GLP-1-based products. Novo Nordisk has improved the global diabetes value market share over the last 12
months to 32.2% from 30.5% in line with the aspiration of strengthening the Diabetes care leadership, aiming at reaching a
global value market share of more than one-third in 2025. The market share increase was driven by market share gains inboth North America Operations and International Operations.
In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from February 2022
and February 2023 provided by the independent data provider IQVIA. EMEA covers Europe, the Middle East and Africa;
Region China covers mainland China, Hong Kong and Taiwan; Rest of World covers all other countries except for North
America.
Novo Nordisk’s share of the total
diabetes market (value, MAT)

Diabetes care, development per geographical area

GlobalNorth America Operations- The USInternational Operations- EMEA *- Region China **- Rest of World ***Diabetes care, sales development

February2023

February
2022

Sales Q1 2023
DKK million

Growthat CER

32.2%
33.9%
33.6%
26.6%
29.1%
32.0%
20.4%

30.5%
32.3%
32.2%
25.4%
28.9%
33.2%
16.5%

40,94921,545
19,83819,404
10,050
4,225
5,129

21%
32%
29%
12%
19%
(7%)
17%

Source: IQVIA, February 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk Diabetes caresales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. *** Data for Rest of World available for seven markets representing approximately 70% of total Novo
Nordisk’s Diabetes care sales in the area.

GLP-1 therapy for type 2 diabetes®

®

®

Sales of GLP-1 products for type 2 diabetes (Rybelsus , Ozempic and Victoza ) increased by 54% measured in Danish
kroner and by 50% at CER to DKK 26,811 million. The estimated global GLP-1 share of total diabetes prescriptions has
increased to 4.9% compared with 3.4% 12 months ago. Novo Nordisk continues to be the global market leader in the
GLP-1 segment with a 54.4% value market share, an increase of 0.8 percentage point compared to 12 months ago.
Novo Nordisk's share of thediabetes GLP-1 market (value, MAT)

GLP-1, development per geographical area

GlobalNorth America Operations- The USInternational Operations- EMEA *- Region China **- Rest of World ***GLP-1, sales development

February2023

February
2022

Sales Q1 2023
DKK million

Growthat CER

54.4%
53.0%
52.1%
65.2%
61.1%
66.9%
75.6%

53.6%
52.6%
51.8%
60.1%
58.9%
66.7%
61.8%

26,811
17,978
16,536
8,833
5,048
1,349
2,436

50%
50%
45%
52%
57%
56%
40%

Source: IQVIA, February 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk GLP-1 sales in
the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk
Diabetes care sales in the area. Note: the estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions
based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions.
®

Rybelsus sales increased by 111% measured in Danish kroner and by 107% at CER to DKK 4,356 million. Sales growth was
driven by North America Operations as well as EMEA and Rest of World.
®

Ozempic sales increased by 63% measured in Danish kroner and by 59% at CER to DKK 19,640 million. Sales growth was
driven by both North America Operations and International Operations. Sales growth has resulted in periodic supply
constraints and related drug shortage notifications across geographies.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 6 of 29®

Victoza sales decreased by 15% measured in Danish kroner and by 17% at CER to DKK 2,815 million as the GLP-1 market
is moving towards once-weekly and tablet-based treatments. The sales decline was driven by North America Operations.
North America Operations
Sales of GLP-1 diabetes products in North America Operations increased by 56% measured in Danish kroner and by 50%
at CER. Wholesaler inventory movements in the US positively impacted sales growth. Novo Nordisk is the market leader
with a 53.0% value market share compared to 52.6% 12 months ago. The estimated GLP-1 share of total diabetesprescriptions has increased to 12.0% compared with 8.4% 12 months ago.
®

Sales of GLP-1 in the US increased by 45% at CER. The sales increase was driven by continued uptake of Ozempic and®
®
Rybelsus , partially offset by declining Victoza sales. GLP-1 sales growth was negatively impacted by rebateenhancements as well as unfavourable channel and payer mix.
Sales growth in the US is driven by a prescription volume growth of the GLP-1 class of around 60% in the first quarter of®
®
2023 compared to the first quarter of 2022 as well as market share gains for Ozempic and Rybelsus . The combined®
®
Novo Nordisk GLP-1 new-to-brand prescription market share is now 63.4% driven by Ozempic with 52.8% and Rybelsus
with 7.6%. Novo Nordisk is the market leader with 52.9% measured by total monthly prescriptions for the combined GLP-1
portfolio.
International Operations
Sales of GLP-1 diabetes products in International Operations increased by 50% measured in Danish kroner and by 52% at
CER. Sales growth is driven by all geographical areas. The estimated GLP-1 share of total diabetes prescriptions has
increased to 3.2% compared with 2.3% 12 months ago. Novo Nordisk is the market leader with a value market share of
65.2%.
EMEA
Sales in EMEA increased by 55% measured in Danish kroner and by 57% at CER. The sales growth reflects the uptake of®
®
®
Ozempic and Rybelsus , partially offset by lower sales of Victoza . Novo Nordisk remains the market leader in EMEA witha value market share of 61.1%. The estimated GLP-1 share of total diabetes prescriptions has increased to 4.5% comparedwith 3.3% 12 months ago.
Region China
Sales in Region China increased by 52% measured in Danish kroner and by 56% at CER. The sales growth reflects the®

uptake of Ozempic . The GLP-1 share of total diabetes prescriptions has increased to 2.7% compared with 1.4% 12 months
ago.
Rest of World
Sales in Rest of World increased by 40% in both Danish kroner and at CER. The sales growth reflects increased sales of®
®
®
Rybelsus and Ozempic , partially offset by Victoza . Novo Nordisk remains the market leader with a value market share of
75.6%. The estimated GLP-1 share of total diabetes prescriptions has increased to 1.9% compared with 1.3% 12 months
ago.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 7 of 29

Insulin
Sales of insulin decreased by 10% measured in Danish kroner and by 11% at CER to DKK 13,409 million. Sales decline at
CER was driven by declining sales in Region China, the US and EMEA.
Novo Nordisk’s share of the total
insulin market (volume, MAT)

Insulin, development per geographical area

GlobalNorth America Operations- The USInternational Operations- EMEA *- Region China **- Rest of World ***Insulin, sales development

February2023

February
2022

Sales Q1 2023
DKK million

Growthat CER

46.3%
38.1%
37.7%
49.2%
47.4%
46.0%
57.5%

47.1%
38.6%
38.1%
50.1%
47.5%
50.6%
57.1%

13,4093,406
3,155
10,003
4,837
2,587
2,579

(11%)
(18%)
(18%)
(8%)
(5%)
(22%)
4%

Source: IQVIA, February 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin sales in
the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk
Diabetes care sales in the area.

North America Operations
Sales of insulin in North America Operations decreased by 14% measured in Danish kroner and by 18% at CER. The sales
decrease in the US was driven by lower realised prices due to channel and payer mix and rebate enhancements as well asa decline in volume with the US insulin volume market declining 3% compared to the first three months of 2022. Novo
Nordisk has a volume market share of 37.7% of the total US insulin market.
International Operations
Sales of insulin in International Operations decreased by 9% measured in Danish kroner and by 8% at CER. The sales
decline at CER was driven by lower insulin sales in Region China due to the implementation of Volume Based Procurementin May 2022 as well as lower sales in EMEA.
EMEA
Sales of insulin in EMEA decreased by 3% measured in Danish kroner and by 5% at CER. The sales decline at CER was
mainly driven by short-acting and long-acting insulin, partially countered by pre-mix insulin. Novo Nordisk has a volume
market share of 47.4% of the total insulin market.
Region China
Sales of insulin in Region China decreased by 25% measured in Danish kroner and by 22% at CER. The sales decline wasdriven by all insulin products due to the implementation of Volume Based Procurement from May 2022 except for®
®
Ryzodeg and Xulthopy . Novo Nordisk has a volume market share of 46.0% of the total insulin market.
Rest of World
Sales of insulin in Rest of World remained unchanged in Danish kroner and increased by 4% at CER. The sales growth at
CER was driven by long-acting insulin and human insulin, partially countered by fast-acting insulin and premix insulin.
Novo Nordisk has a volume market share of 57.5% of the total insulin market.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 8 of 29

Obesity care, sales development®

®

Sales of Obesity care products, Wegovy and Saxenda , increased by 131% measured in Danish kroner and by 124% at
CER to DKK 7,842 million. Sales growth was driven by both North America Operations and International Operations.
®
®
Wegovy has been launched in the US, Denmark and Norway. A second contract manufacturer for Wegovy has initiatedproduction. The volume growth of the global branded obesity market was 53.8%.

Obesity care, development per geographical area

Global branded
obesity market growth(Volume, MAT)

GlobalNorth America Operations- The USInternational Operations- EMEA- Region China- Rest of World

Obesity care, sales development

February
2023

Sales Q1 2023
DKK million

Growthat CER

53.8%
43.1%
47.1%
65.4%
100.6%
N/A
33.6%

7,842
5,911
5,789
1,931
1,216
53
662

124%
156%
162%
65%
71%
46%
57%

Source: IQVIA, February 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin sales in
the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk
Diabetes care sales in the area.
®

®

Wegovy sales increased by 225% measured in Danish kroner and by 211% at CER to DKK 4,563 million. Sales of Saxenda
increased by 64% measured in Danish kroner and by 63% at CER to DKK 3,279 million.
North America Operations

Sales of Obesity care products in North America Operations increased by 168% measured in Danish kroner and by 156% at®
CER to DKK 5,911 million. Sales of Wegovy increased by 215% measured in Danish kroner and by 201% at CER to DKK
4,425 million reflecting the commercial relaunch in January 2023. Broad commercial formulary access has been achieved.
®
Sales of Saxenda increased by 85% measured in Danish kroner and by 77% at CER to DKK 1,486 million. The volume
growth of the branded obesity market in the US was 47.1%.
International Operations
Sales of Obesity care products in International Operations increased by 62% measured in Danish kroner and by 65% at®

CER to DKK 1,931 million driven by increased sales in EMEA and Rest of World. Sales of Saxenda in International®
Operations increased by 50% measured in Danish kroner and by 53% at CER to DKK 1,793 million and sales of Wegovy®
reached DKK 138 million. Wegovy has been launched in two countries in International Operations. The volume growth of
the branded obesity market in International Operations was 65.4%.
EMEA®

Sales of Obesity care products in EMEA increased by 67% measured in Danish kroner and by 71% at CER. Wegovy has
been launched in Denmark and Norway. The volume growth of the branded obesity market in EMEA was 100.6%.
Rest of World®

Sales of Saxenda in Rest of World increased by 54% measured in Danish kroner and by 57% at CER. The volume growth of
the branded obesity market in Rest of World was 33.6%.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 9 of 29

Rare disease, sales development
Rare disease sales decreased by 15% measured in Danish kroner and by 16% at CER to DKK 4,576 million. Sales of Rare
blood disorder products decreased by 1% measured in Danish kroner and by 3% at CER to DKK 3,049 million driven by®
NovoSeven , partially offset by the launch products in haemophilia A and B. Sales of Rare endocrine disorders products
decreased by 38% in both Danish kroner and CER to DKK 1,128 million reflecting a temporary reduction in manufacturing
output. Novo Nordisk has a value market share of 33.0% in the global human growth disorder market.

Rare disease, development per geographical area

Rare disease, sales development
Sales Q1 2023
DKK million

Growthat CER

4,576
1,841
1,695
2,735
1,476
183
1,076

(16%)
(14%)
(15%)
(17%)
(12%)
27%
(27%)

GlobalNorth America Operations- The USInternational Operations- EMEA- Region China- Rest of World

North America Operations
Rare disease sales in North America Operations decreased by 10% measured in Danish kroner and by 14% at CER. The
sales decline was driven by lower sales of Rare endocrine disorders products decreasing by 30% measured in Danish
kroner and by 33% at CER reflecting a temporary reduction in manufacturing output and lower realised prices in the US.
Sales of Rare blood disorders products increased by 1% measured in Danish kroner and decreased by 3% at CER driven by®
lower sales of NovoSeven , partially countered by sales of haemophilia A and B products.
International Operations
Rare disease sales in International Operations decreased by 18% measured in Danish kroner and by 17% at CER. The sales
decline was driven by lower sales of Rare endocrine disorders products decreasing by 42% measured in Danish kroner andby 41% at CER reflecting a temporary reduction in manufacturing output. Sales of Rare blood disorders products®
decreased by 2% in both Danish kroner and CER driven by lower sales of NovoSeven , partially countered by growth of
haemophilia A and B products.
EMEA
Rare disease sales decreased by 12% in both Danish kroner and CER driven by a decrease of Rare endocrine disorders
products by 69% measured in Danish kroner and by 71% at CER reflecting a temporary reduction in manufacturing output.
®
Sales of Rare blood disorder products increased by 24% in both Danish kroner and at CER, primarily driven by NovoSevenand haemophilia A products.
Region China
Rare disease sales increased by 24% measured in Danish kroner and by 27% at CER driven by sales of both Rare blood®
disorder, especially haemophilia A following the launch of NovoEight , and Rare endocrine disorders products.
Rest of World
Rare disease sales decreased by 28% measured in Danish kroner and by 27% at CER. The sales decline was driven by bothsales of Rare blood disorder and Rare endocrine disorders products. Sales of Rare blood disorder products decreased by®
34% measured in Danish kroner and by 35% at CER driven by NovoSeven and haemophilia A products. Sales of Rare
endocrine disorders products decreased by 22% measured in Danish kroner and by 19% at CER reflecting a temporary
reduction in manufacturing output.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 10 of 29

FINANCIALSGEOGRAPHIC SALES DEVELOPMENT
Sales increased by 27% measured in Danish kroner and by 25% at CER to DKK 53,367 million in the first three months of2023. Wholesaler inventory movements in the US positively impacted sales growth. Sales growth has resulted in periodic
supply constraints and related drug shortage notifications across a number of products and geographies. Sales in North
America Operations increased by 47% measured in Danish kroner and by 41% at CER. Sales in International Operations
increased by 9% measured in Danish kroner and by 10% at CER.

Sales Q1 2023
DKK million

Growthas reported

Growthat CER

Share of growthat CER

North America Operations- The US29,29727,322

47%
46%

41%
39%

78%
71%

International Operations- EMEA- Region China- Rest of World

24,07012,742
4,461
6,867

9%
18%
(8%)
8%

10%
18%
(5%)
9%

22%
18%
(2%)
6%

Total sales

53,367

27%

25%

100%

Sales split per geographical area

North America Operations
Sales in North America Operations increased by 47% measured in Danish kroner and by 41% at CER. Wholesaler inventory
movements in the US positively impacted sales growth. The sales increase reflects GLP-1 diabetes sales growing by 50% at
CER and Obesity care sales growing by 156% at CER. This was partially offset by insulin sales decreasing by 18% at CERdriven by lower realised prices due to channel and payer mix, rebate enhancements as well as a decline in volume. Raredisease sales decreased by 14% at CER reflecting a temporary reduction in manufacturing output.
International Operations
Sales in International Operations increased by 9% measured in Danish kroner and by 10% at CER. Sales growth was driven
by GLP-1 sales growing by 52% at CER and Obesity care sales growing by 65% at CER, partially countered by insulin sales
decreasing by 8% at CER and Rare disease sales decreasing by 17% at CER reflecting a temporary reduction in
manufacturing output.
EMEA
Sales in EMEA increased by 18% in both Danish kroner and at CER. Sales growth was driven by Diabetes care growing by
19% at CER driven by increased GLP-1 sales, partially countered by decreased insulin sales. Obesity care sales increased by
71% at CER and Rare disease sales decreased by 12% at CER.
Region China
Sales in Region China decreased by 8% measured in Danish kroner and by 5% at CER. The sales decline at CER was driven
by insulin sales declining by 22% at CER. Insulin sales were negatively impacted by the implementation of Volume Based
Procurement from May 2022. GLP-1 sales were growing by 56% at CER and Other diabetes care sales decreased by 13% at
CER. Rare disease sales increased by 27% at CER.
Rest of World
Sales in Rest of World increased by 8% measured in Danish kroner and by 9% at CER. Sales growth was driven by Diabetes
care growing by 17% at CER, reflecting increased GLP-1 and insulin sales, Obesity care sales growing by 57% at CER andRare disease decreasing by 27% at CER.

Strategic
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Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 11 of 29

DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 18% measured in Danish kroner and by 17% at CER to DKK 8,182 million, resulting ina gross margin of 84.7% measured in Danish kroner compared with 83.5% in 2022. The increase in gross margin reflects a
positive product mix, driven by increased sales of GLP-1-based treatments and a positive currency impact. This is partiallycountered by costs related to ongoing capacity expansions and lower realised prices mainly in the US and Region China.
Sales and distribution costs increased by 22% measured in Danish kroner and by 20% at CER to DKK 12,412 million. The
increase in costs is driven by both North America Operations and International Operations. In North America Operations,®
®
the cost increase is driven by the relaunch of Wegovy and promotional activities for Ozempic . In International®
®
Operations, promotional spend is related to promotional activities for Rybelsus and Ozempic as well as Obesity caremarket development activities.
Research and development costs increased by 29% measured in Danish kroner and by 28% at CER to DKK 6,728 million
reflecting increased late-stage clinical trial activity and increased early research activities compared to first quarter of 2022.
The acquisition of Forma Therapeutics Inc. in 2022 also impacted the costs.
Administration costs increased by 10% measured in Danish kroner and by 9% at CER to DKK 1,071 million.
Other operating income and expenses (net) was DKK 33 million compared with DKK 392 million in the first quarter of2022, driven by lower income from partnerships related to Dicerna Pharmaceuticals Inc.
Operating profit increased by 31% measured in Danish kroner and by 28% at CER to DKK 25,007 million reflecting thesales growth.
Financial items (net) showed a net loss of DKK 270 million compared with a net loss of DKK 1,228 million in the firstquarter of 2022.
In line with Novo Nordisk’s treasury policy, the most significant foreign exchange risks for Novo Nordisk have been hedged,
primarily through foreign exchange forward contracts. The foreign exchange result was a net loss of DKK 209 million
compared with a net loss of DKK 777 million in the first quarter of 2022. This primarily reflects losses on non-hedged
currencies.
As per the end of March 2023, a positive market value of financial contracts of approximately DKK 2.2 billion has beendeferred for recognition in 2023.
The effective tax rate was 19.9% in the first three months of 2023 compared with an effective tax rate of 20.7% in the firstquarter of 2022.
Net profit increased by 39% to DKK 19,814 million and diluted earnings per share increased by 41% to DKK 8.78.

Strategic
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Commercial
execution

Financials

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OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 12 of 29

CASH FLOW AND CAPITAL ALLOCATIONFREE CASH FLOW IN THE FIRST THREE MONTHS OF 2023 AND CAPITAL EXPENDITURE
Free cash flow was DKK 24.8 billion compared with DKK 21.6 billion in the first three months of 2022 supporting thestrategic aspiration to deliver attractive capital allocation to shareholders. The cash conversion in the first three months of2023 is positively impacted by timing of payment of rebates in the US, including provisions related to the revised 340B
distribution policy in the US. Income under the 340B Program has been partially recognised.
Capital expenditure for property, plant and equipment was DKK 4.7 billion compared with DKK 1.5 billion in the first threemonths of 2022, primarily reflecting investments in additional capacity for active pharmaceutical ingredient (API)production and fill-finish capacity for both current and future injectable and oral products.
EQUITY AND CAPITAL ALLOCATION
Total equity was DKK 79,874 million at the end of the first three months of 2023, equivalent to 31.9% of total assets,compared with 33.8% at the end of the first three months of 2022. Please refer to appendix 5 for further elaboration ofchanges in equity.
Novo Nordisk returned DKK 23.5 billion to shareholders via share buybacks (DKK 5.2 billion) and dividend (DKK 18.3 billion)
during the first three months of 2023.
2023 share repurchase programme
As of 2 May 2023, Novo Nordisk has repurchased 5,424,091 B shares for an amount of DKK 5.600 billion as part of theoverall share repurchase programme of up to DKK 28 billion to be executed during a 12-month period beginning 1
February 2023.
Based on the increased expectations for cash flow generation in 2023, the Board of Directors has approved an expansionof the 2023 share repurchase programme by DKK 2 billion to DKK 30 billion.
Reduction in share capitalAt the Annual General Meeting of Novo Nordisk A/S, held on 23 March 2023, a 1.1% reduction in the total sharecapital was approved. The reduction was effectuated by a cancellation of 25,000,000 treasury B shares of DKK 0.20
at a nominal value of DKK 5,000,000. After the legal implementation of the share capital reduction on 26 April
2023, Novo Nordisk’s share capital now amounts to DKK 451,000,000 divided into an A share capital of DKK
107,487,200 and a B share capital of DKK 343,512,800.

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execution

Financials

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OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 13 of 29

OUTLOOK
The outlook for sales and operating profit growth was raised on 13 April 2023 to 24-30% and 28-34% at CER. The current
expectations for 2023 are summarised in the table below:

Expectations
4 May 2023

Expectations
1 February 2023

24% to 30%
Around 6 percentage points lower
than at CER

13% to 19%
Around 4 percentage points lower
than at CER

28% to 34%
Around 9 percentage points lower
than at CER

13% to 19%
Around 5 percentage points lower
than at CER

Financial items (net)Gain of around DKK 3.0 billion

Gain of around DKK 2.4 billion

Effective tax rate

19% to 21%

19% to 21%

Capital expenditure (PP&E)

Around DKK 25 billion

Around DKK 25 billion

Depreciation, amortisation and impairment losses

Around DKK 8 billion

Around DKK 8 billion

Free cash flow (excluding impact from business development)

DKK 66-74 billion

DKK 60-68 billion

Expectations are as reported, if not otherwise statedSales growthat CER
as reported
Operating profit growthat CER
as reported

Sales growth is now expected to be 24% to 30% at CER. Given the current exchange rates versus the Danish krone, sales
growth reported in DKK is still expected to be around 6 percentage points lower than at CER.
The guidance reflects expectations for sales growth in both North America Operations and International Operations,mainly driven by volume growth of GLP-1-based treatments for Diabetes and Obesity care, partially countered by declining
sales in Rare disease due to a temporary reduction in manufacturing output. Intensifying competition and continued
pricing pressure within Diabetes care are included in the guidance.
The guidance ranges reflect the level of volume growth of GLP-1-based diabetes treatments and the inherent uncertainty®
of the pace of Obesity care market expansion following the relaunch of Wegovy in the US and a gradual roll-out inInternational Operations.
®

Following higher than expected volume growth in recent years, including GLP-1-based products such as Ozempic and®
Wegovy , combined with the expectation of continued volume growth and capacity limitations at some manufacturing
sites, the outlook also reflects expected continued periodic supply constraints and related drug shortage notifications®
across a number of products and geographies. To safeguard continuity of care, the supply of the lower Wegovy dosestrengths in the US will be reduced temporarily. The supply capacity is gradually being expanded.
Operating profit growth is now expected to be 28% to 34% at CER. Given the current exchange rates versus the Danish
krone, growth reported in DKK is now expected to be around 9 percentage points lower than at CER. The expectation for
operating profit growth primarily reflects the sales growth outlook and continued investments in future and current
growth drivers within Research, Development and Commercial. Within R&D, investments are related to the continued
expansion and progression of the early and late-stage pipeline. Commercial investments are mainly related to the relaunch®
of Wegovy in the US, Obesity care market development activities in International Operations as well as promotional®
®
activities for Ozempic and Rybelsus .
Novo Nordisk now expects financial items (net) to amount to a gain of around DKK 3.0 billion, mainly reflecting gains
associated with foreign exchange hedging contracts.
The effective tax rate for 2023 is still expected to be in the range of 19-21%.
Capital expenditure is still expected to be around DKK 25 billion in 2023 reflecting the innovation-based growth strategy
pursued by Novo Nordisk. The CAPEX increase is primarily relating to investments in additional capacity for active
Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 14 of 29

pharmaceutical ingredient (API) production and fill-finish capacity for both current and future injectable and oral products.
In the coming years, the capital expenditure to sales ratio is expected to be low double digit.
Depreciation, amortisation and impairment losses are expected to be around DKK 8 billion.
The free cash flow is now expected to be DKK 66-74 billion reflecting the sales growth, a favourable impact from rebatesin the US and the investments in capital expenditure.
All of the above expectations are based on assumptions that the global or regional macroeconomic and politicalenvironment will not significantly change business conditions for Novo Nordisk during 2023, including energy and supply
chain disruptions, the potential implications from major healthcare reforms and legislative changes as well as outcome oflegal cases including litigations related to the 340B Drug Pricing Programme in the US, and that the currency exchange
rates, especially the US dollar, will remain at the current level versus the Danish krone. Neither does the guidance include
the financial implications of any significant business development transactions and significant impairments of intangible
assets during 2023. Finally, the potential wider consequences of Russia's invasion of Ukraine, including impacts on energy
supply and supply chains, could cause uncertainty to the outlook and the business performance of Novo Nordisk.

FX (average rates)% change

Spot rate
27 April 2023

664

5%

675

105

(4%)

97

5.24

5.70

(8%)

5.07

513

524

(2%)

496

843

890

(5%)

843

Q1 2023

Q1 2022

USD

694

CNY

101

JPY
CAD
GBP

Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies and, all other things being equal,
movements in key invoicing currencies will impact Novo Nordisk’s operating profit as outlined in the table below.

Key invoicing currencies

Impact on Novo Nordisk's operating profit in the next 12months of a 5% movement in currency

Hedging period (months)

DKK 3,700 million
DKK 475 million
DKK 390 million
DKK 230 million
DKK 150 million

12
6
9
12
8

USD
2
CNY
CAD
JPY
GBP
1)
2)

1

As of 27 April 2023.
Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.

The financial impact from foreign exchange hedging is included in Financial items (net).

Strategic
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Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 15 of 29

INNOVATION AND THERAPEUTIC FOCUS
Diabetes care
Once-weekly insulin icodec submitted for regulatory approval in the EU, the US and China.
In April 2023, Novo Nordisk submitted once-weekly insulin icodec for regulatory approval in the EU, the US and China forthe treatment of people with type 1 and 2 diabetes. The submissions are based on the ONWARDS clinical trial programmecomprised of six phase 3a global clinical trials, involving more than 4,000 adults with type 1 or type 2 diabetes.
Oral semaglutide 25 mg and 50 mg demonstrate superior reductions in HbA1c and body weight versus 14 mg in people with
type 2 diabetes in phase 3b trial
On 24 March 2023, Novo Nordisk announced the headline results from the PIONEER PLUS trial, a phase 3b, 68-week,
efficacy and safety trial investigating once-daily oral semaglutide 25 mg and 50 mg versus 14 mg in people with type 2
diabetes. For further information, please see the company announcement here.
Phase 2 trial completed with a fixed dose combination of semaglutide and once-weekly GIP analogue
In April 2023, Novo Nordisk completed a phase 2 trial with a fixed dose combination of subcutaneous semaglutide and aonce-weekly GIP analogue. The trial compared the effect on glycaemic control and body weight of a fixed dosecombination of semaglutide and the once-weekly GIP analogue compared to placebo and semaglutide 2.4 mg in people
with type 2 diabetes. In the trial, the fixed dose combination did not show superior HbA1C reduction compared tosemaglutide 2.4 mg. Following the completion of the trial, Novo Nordisk has terminated further development of the fixed
dose combination focusing on the GLP-1/GIP co-agonist.
Successful completion of first cohorts of phase 1 trial with a GLP-1/GIP co-agonist
In April 2023, Novo Nordisk successfully completed the first cohorts of a phase 1 trial with a GLP-1/GIP co-agonist. The
objective of the trial was to investigate safety, tolerability, pharmacokinetics and pharmacodynamics of different
subcutaneous and oral doses of the GLP-1/GIP co-agonist. In the trial, the GLP-1/GIP co-agonist appeared to have a safe
and well-tolerated profile. Novo Nordisk is planning to initiate a phase 2 trial with a subcutaneous formulation of the
GLP-1/GIP co-agonist.
Obesity care®

Wegovy approved in Japan for treatment of overweight and obesity®

In March 2023, the Japanese Ministry of Health, Labour and Welfare approved Wegovy (subcutaneous semaglutide 2.4®
2mg) for the treatment of obesity. Wegovy is approved for the treatment of obesity in adults with a BMI ≥ 27 kg/m with2

two or more obesity-related comorbidities such as hypertension, dyslipidaemia or type 2 diabetes, or BMI ≥ 35 kg/m .
Phase 3a clinical trials with CagriSema in obesity initiated
In February 2023, Novo Nordisk initiated REDEFINE 2, a 68-week phase 3a trial comparing CagriSema (2.4 mg semaglutide
and 2.4 mg cagrilintide) with placebo in people with overweight or obesity and type 2 diabetes. The trial is expected toenrol approximately 1,200 people.
In April 2023, Novo Nordisk initiated the phase 3a trial REDEFINE 3, a cardiovascular outcomes study with the objective to
confirm cardiovascular safety of CagriSema compared to placebo in addition to standard of care. The trial is expected toenrol approximately 4,000 people with obesity and established cardiovascular disease.
With the initiations of REDEFINE 2 and 3, all three pivotal trials with CagriSema catering for regulatory submissions in the
US and EU for the weight management indication have been initiated.
Rare disease
Concizumab receives Complete Response Letter from the US Food and Drug Administration
On 24 April 2023, Novo Nordisk received a Complete Response Letter (CRL) from the Food and Drug Administration (FDA)
for concizumab. Concizumab was submitted for regulatory approval in the US for the treatment of haemophilia A and B
with inhibitors in August 2022. In the letter, the FDA requested additional information related to the monitoring anddosing of patients to ensure that concizumab is administered as intended. Furthermore, additional information on theStrategic
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Financial
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Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 16 of 29

manufacturing process was requested. Novo Nordisk is evaluating the content of the CRL and will work closely with the
FDA to provide the requested data. Concizumab has been approved in Canada for the treatment of haemophilia B with
inhibitors and is currently under review for the treatment of haemophilia A with inhibitors.
®

Sogroya approved in the US for the treatment of children with growth hormone deficiency®

On 28 April 2023, Sogroya , the long-acting growth hormone somapacitan, was approved by the US FDA for the treatmentof children with growth hormone deficiency. The approval is based on the REAL4 results comparing the effect and safety of®
®
once-weekly dosing of Sogroya with daily Norditropin in children with growth hormone deficiency. Novo Nordisk expects®
to launch Sogroya in the US in the second quarter of 2023.
Other serious chronic diseases
First human dose with cell therapy in heart failure
In February 2023, Novo Nordisk and Heartseed announced that the first patient had been dosed in a clinical study with
HS-001. HS-001 is a cell therapy applying cardiomyocytes (heart muscular cells) designed to restore heart function inpeople with advanced heart failure. The trial is expected to complete in 2025.
First human dose with stem cells in Parkinson’s disease
In February 2023, Lund University in Sweden announced that the first patient with Parkinson’s disease had been dosed in aclinical study. The patient received a transplant of stem cell-derived nerve cells. The trial is a collaboration between Lund
University and Novo Nordisk.
Technology platforms
Phase 1 trial completed with SOMA oral Device (DV3395)
In February 2023, Novo Nordisk completed a phase 1 trial with the DV3395 oral device concept. The trial investigatedsafety and gastrointestinal transit of the DV3395 device, without active pharmaceutical ingredient. Novo Nordisk is now
evaluating further progression of DV3395.

Strategic
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Commercial
execution

Financials

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OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 17 of 29

Purpose and sustainability
Environment

ENVIRONMENTAL PERFORMANCE

Q1 2023

Q1 2022

Q1 2019(baseline)

63
18
5
40

60
20
6
34

80
22
20
38

% change
Q1 2023 to
Q1 2022% change2023 to
2019

5%
(10%)
(17%)
18%

(21%)
(18%)
(75%)
5%

Emissions
CO2 emissions from operations and transportation (1,000 tonnes)
1- Scope 1 emissions
2- Scope 2 emissions
3- Partial scope 3 emissions

1. Scope 1: Direct emissions from owned and controlled resources (including emissions from production processes and transport).
2. Scope 2: Indirect emissions from the generation of energy purchased from a utility provider (including electricity, steam, heating and cooling).
3. Scope 3: Emissions are limited to CO2 emissions from business flights and product distribution

Emissions
Under the environmental strategy Circular for Zero, CO2 emissions from operations and transportation decreased by 21%
compared to the first three months of 2019. CO2 emissions from operations and transportation increased by 5% in the first
three months of 2023 compared to the same period in 2022 reflecting COVID-19 impact on activities in 2022. Scope 1 and
2 CO2 emissions decreased by 10% and 17%, respectively, due to an increase in the usage of renewable energy sources.
Scope 3 CO2 emissions from product distribution and business flights increased by 18% mainly due to increased businesstravel, partially countered by a decrease in emissions from product distribution, driven by the purchase of sustainableaviation fuel.
Partnership to produce lower-carbon plastic through Power-to-X
On 20 April 2023, Novo Nordisk and LEGO A/S announced a new partnership to produce Polyoxyethylene (POM) plastic
using Power-to-X technology. The collaboration involves an agreement with European Energy A/S to deliver e-methanol asa lower-carbon alternative to conventional plastic production allowing Novo Nordisk to replace some fossil-based plastic
with the lower-carbon alternative in pen devices.
Take-back industry solution cooperation agreement in Denmark
On 22 March 2023, Novo Nordisk signed a cooperation agreement for a Danish take-back industry pilot with Eli Lilly, Sanofi
and Merck. The 12-month pilot aims to take-back and recycle 25% of all plastic injection pens distributed in Denmark.
Social

SOCIAL PERFORMANCE
Patients
1
Patients reached with Novo Nordisk's Diabetes care products (estimate in million)®

Hereof children reached through the Changing Diabetes in Children programme (cumulative)

Q1 2023

Q1 2022% change
Q1 2023 to
Q1 2022

37.2

34.9

7%

42,76333,209

29%

55:45

57:43

N/A

61:39

63:37

N/A

Sustainable employer
2

Gender in leadership positions (ratio men:women)
3

Gender in senior leadership positions (ratio men:women)

1. Calculated as a moving annual total.
2. Defined as team leaders, managers, directors, vice presidents, corporate vice presidents, senior vice presidents and executive management.
3. Defined as vice presidents, corporate vice presidents, senior vice presidents and executive management.

Patients
Under the social responsibility strategy ‘Defeat Diabetes’, Novo Nordisk continues to take action on access and affordability
and prevention. The number of people with diabetes treated with Novo Nordisk products, calculated as a moving annual
total, was 37.2 million in the first quarter of 2023. This represents a net increase of 2.3 million patients compared to end of
March 2022.

Strategic
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execution

Financials

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OutlookInnovation andtherapeutic focus

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Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 18 of 29®

The Changing Diabetes in Children programme aims to reach 100,000 children by 2030. By end of March 2023, morethan 42,000 children were reached, an increase of 29% compared to end of March 2022.
Sustainable employer
Novo Nordisk aspires to be a sustainable employer, and in 2021 two aspirational gender diversity targets were launched:achieve a balanced gender representation across all managerial levels and achieve a minimum of 45% women and aminimum of 45% men in senior leadership positions by the end of 2025.
At the end of March 2023, 45% of all leaders were women, and 39% of leaders in senior leadership positions were womencompared to 43% and 37%, respectively, by the end of March 2022.
The number of full-time employees at the end of the first three months of 2023 increased by 16% compared to 12 months
ago. The total number of full-time employees was 57,089. The increase is driven by Product Supply, International
Operations and Global Business Services in Bangalore, India.
Russia's invasion of Ukraine
Following Russia's invasion of Ukraine, Novo Nordisk's key priorities have been to safeguard employees and continue thesupply of essential medicines.
In Ukraine, Novo Nordisk has continued the supply of medicines, which are currently broadly available throughout thecountry, also through collaboration with humanitarian organisations to provide access in bordering areas. Moreover, Novo
Nordisk has donated diabetes and haemophilia medication to the Ukrainian Ministry of Health, and together withhumanitarian organisations, Novo Nordisk continues to monitor the situation to be able to provide further support.
In Russia, Novo Nordisk has suspended marketing investments and changed focus from launching new medications andclinical investment to securing supply of insulin to ensure that the more than 700,000 patients can continue theirtreatment with essential medication.
Sales in Russia and Ukraine constituted less than 1% of Novo Nordisk's global sales.

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Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 19 of 29

MANAGEMENT STATEMENT
The Board of Directors and Executive Management have reviewed and approved the financial report of Novo Nordisk A/S
for the first three months of 2023. The financial report has not been audited or reviewed by the company’s
independent auditors.
The financial report for the first three months of 2023 has been prepared in accordance with IAS 34 'Interim Financial
Reporting' and additional Danish disclosure requirements for listed companies. The accounting policies adopted in the
preparation are consistent with those applied in the Annual Report 2022 of Novo Nordisk.
In our opinion, the financial report for the first three months of 2023 gives a true and fair view of the Group’s assets,
liabilities and financial position at 31 March 2023, and of the results of the Group’s operations and cash flow for theperiod 1 January 2023 to 31 March 2023. Furthermore, in our opinion, Management’s Review includes a true and fairaccount of the development in the operations and financial circumstances of the results for the period and of the financial
position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group inaccordance with Danish disclosure requirements for listed companies.
Besides what has been disclosed in the quarterly financial report, no changes in the Group’s most significant risks anduncertainties have occurred relative to what was disclosed in the consolidated Annual Report 2022.

Bagsværd, 4 May 2023
Executive Management:

Lars Fruergaard Jørgensen
President and CEO

Karsten Munk Knudsen
CFO

Martin Holst Lange

Marcus Schindler

Camilla Sylvest

Henrik Wulff

Helge Lund
Chair

Henrik Poulsen
Vice chair

Elisabeth Dahl Christensen

Laurence DebrouxAndreas Fibig

Sylvie Grégoire

Liselotte Hyveled

Mette Bøjer Jensen

Kasim Kutay

Christina Law

Martin Mackay

Thomas Rantzau

Board of Directors:

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 20 of 29

About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is todrive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine
disorders. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to preventand ultimately cure disease. Novo Nordisk employs about 57,100 people in 80 countries and markets its products inaround 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New
York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn and YouTube.

Financial calendar
25 June 2023

Investor event at the American Diabetes Association annual congress

10 August 2023

Financial statement for the first six months of 2023

2 November 2023

Financial statement for the first nine months of 2023

31 January 2024

Financial statement for 2023

Contacts for further information
Media:
Ambre James-Brown

Natalia Salomao Abrahao (US)+45 3079 9289
abmo@novonordisk.com+1 848 304 1027
niaa@novonordisk.com

Investors:
Daniel Muusmann Bohsen

David Heiberg Landsted+45 3075 2175
dabo@novonordisk.com+45 3077 6915
dhel@novonordisk.com

Jacob Martin Wiborg RodeMark Joseph Root (US)+45 3075 5956
jrde@novonordisk.com+1 848 213 3219
mjhr@novonordisk.com

Further information about Novo Nordisk is available on novonordisk.com.
Forward-looking statements
Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company’s
statutory Annual Report 2022 and Form 20-F both filed with the SEC in February 2023 in continuation of the publication of the Annual Report 2022, andwritten information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements.
Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and termsof similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of suchforward-looking statements include, but are not limited to:••••statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk’s products, product research,
product development, product introductions and product approvals as well as cooperation in relation thereto,statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital
structure, net financials and other financial measures,statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, andstatements regarding the assumptions underlying or relating to such statements.

In this document, examples of forward-looking statements can be found under the headings ‘Outlook’, ‘Research and Development update’ and 'Equity’.
These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks anduncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this document, could cause
actual results to differ materially from those contemplated in any forward-looking statements.
Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, such as interest rate andcurrency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies
and production, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, shortages of supplies, including energy
supplies, product recalls, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk’s
products, introduction of competing products, reliance on information technology including the risk of cybersecurity breaches, Novo Nordisk’s ability tosuccessfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws andrelated interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing andmarketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies,
unexpected growth in costs and expenses, strikes and other labour market disputes, failure to recruit and retain the right employees, failure to maintain aculture of compliance, epidemics, pandemics or other public health crises, and the effects of domestic or international crises, civil unrest, war or other conflict,and factors related to the foregoing matters and other factors not specifically identified herein.
For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in thisdocument, reference is made to the overview of risk factors in ‘Risk Management’ of the Annual Report 2022.
Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distributionof this document, whether as a result of new information, future events or otherwise.
Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 21 of 29

APPENDIX 1: QUARTERLY NUMBERS IN DKK(Amounts in DKK million, except number of full-time equivalent employees, earnings per share and number of shares outstanding).
% change
2023
Q1

2022
Q4

Q3

Q2

Q1

Q1 2023 vs.
Q1 2022Net sales

53,36748,09245,566

41,26542,03127%

Gross profit

45,18539,83038,36635,19635,11429%

Gross margin

84.7%

82.8%

84.2%

85.3%

83.5%

Sales and distribution costs(12,412)(13,743)(11,451)(10,840)(10,183)

Percentage of sales

23.3%

28.6%

25.1%

26.3%

24.2%

Research and development costs(6,728)(8,085)(5,633)(5,123)(5,206)Percentage of sales

12.6%

16.8%

12.4%

12.4%

12.4%

Administrative costs(1,071)(1,348)(1,158)

(991)

(970)

Percentage of sales

2.0%

2.8%

2.5%

2.4%

2.3%

Other operating income and expenses

22%
29%
10%

33

433

60

149

392

(92%)

Operating profit (EBIT)

25,007

17,087

20,184

18,391

19,14731%

Operating margin

46.9%

35.5%

44.3%

44.6%

45.6%

Financial income

852(3,200)

1,573

1,656

210

N/A

Financial expenses(1,122)

2,429(3,725)(3,252)(1,438)(22%)

Financial items (net)

(270)

(771)

(2,152)(1,596)(1,228)(78%)

Profit before income taxes

24,737

16,31618,032

16,795

17,91938%

Income taxes(4,923)(2,724)(3,627)(3,477)(3,709)33%

Net profit

19,814

13,592

14,405

13,318

14,21039%

Depreciation, amortisation and impairment losses

1,719

2,035

2,041

1,636

1,650

4%

Capital expenditure (PP&E)

4,693

4,961

3,230

2,435

1,520

209%

Net cash generated from operating activities

29,814

7,101

24,23923,961

23,586

26%

EBITDA

26,726

19,122

22,22520,027

20,79729%

Free cash flow

24,764(5,128)19,765

21,157

21,56815%

Total assets

250,025

241,257

242,836

218,928

197,136

27%

Total equity

79,874

83,486

76,68074,452

66,55020%

Equity ratio

31.9%

34.6%

31.6%

34.0%

33.8%

Full-time equivalent employees end of period

57,08954,393

52,69650,81649,295

16%

Basic earnings per share/ADR (in DKK)

8.81

6.03

6.37

5.87

6.24

41%

Diluted earnings per share/ADR (in DKK)

8.78

6.02

6.34

5.86

6.22

41%

Average number of shares outstanding (million)

2,249.6

2,254.0

2,261.6

2,269.2

2,276.4(1%)

Average number of diluted shares outstanding (million)

2,256.6

2,261.4

2,268.5

2,276.1

2,283.3(1%)

Total GLP-1

26,811

24,352

22,36819,231

17,42054%

Long-acting insulin

4,133

3,902

3,939

4,104

4,796

(14%)

Premix insulin

2,776

2,343

2,706

2,501

3,012

(8%)

Fast-acting insulin

4,488

4,471

4,263

3,887

4,842

(7%)

Human insulin

2,012

1,970

2,053

1,851

2,312

(13%)

Total insulin

Sales by business segment:

13,40912,686

12,961

12,343

14,962(10%)

Other Diabetes care

729

713

798

830

884

(18%)

Total Diabetes care

40,94937,751

36,12732,40433,266

23%

4,563

2,446

1,157

1,181

1,404

225%

®

WegovySaxenda

®

3,279

3,042

3,174

2,462

1,998

64%

Total Obesity care

7,842

5,488

4,331

3,643

3,402

131%

Diabetes and Obesity care total

48,791

43,23940,45836,04736,66833%

Rare blood disorders
Rare endocrine disorders
Other Rare disease
Rare disease total

3,049
1,128
399
4,576

2,881
1,602
370
4,853

2,885
1,793
430
5,108

2,863
1,923
432
5,218

3,077
1,820
466
5,363

(1%)
(38%)
(14%)
(15%)

North America Operations- The USInternational Operations- EMEA

29,29727,322
24,07012,742

26,66024,76821,432
11,51423,75422,014
21,812
10,98320,703
19,121
20,562
10,91519,99018,75322,041
10,824

47%
46%
9%
18%

- Region China

4,461

3,364

4,438

3,566

4,841

(8%)

- Rest of World

6,867

6,554

6,391

6,081

6,376

8%

24,163844

16,985102

18,1582,026

15,873
2,518

16,379
2,768

48%
(70%)

Sales by geographic segment:

Segment operating profit:
Diabetes and Obesity care
Rare disease

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 22 of 29

APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK million

Q1 2023

Q1 2022Net sales

53,36742,031

Cost of goods sold

(8,182)(6,917)

Income statement

Gross profit

45,185

35,114

Sales and distribution costs(12,412)(10,183)

Research and development costs
Administrative costs(6,728)(1,071)(5,206)
(970)

33

392

Operating profit

25,007

19,147

Financial income

852

210

Financial expenses(1,122)(1,438)

Profit before income taxes

24,737

17,919

Income taxes(4,923)(3,709)NET PROFIT

19,814

14,210

Basic earnings per share (DKK)

8.81

6.24

Diluted earnings per share (DKK)

8.78

6.22

48,791
4,576

36,6685,363

Diabetes and Obesity care

24,163

16,379Operating margin

49.5%

44.7%

Other operating income and expenses

Segment Information
Segment sales:
Diabetes and Obesity care
Rare disease
Segment operating profit:

Rare disease
Operating margin
Total segment operating profit

844

2,768

18.4%

51.6%

25,007

19,147

19,814

14,210

39

325

(969)
(1,026)
2,238
3
(341)

1,087
641
(652)
(4)
125

(56)

1,522

19,75815,732

Statement of comprehensive income
Net profit for the period
Other comprehensive income
Items that will not subsequently be reclassified to the Income
statement
Remeasurements on defined benefit plans
Items that will be reclassified subsequently to the Income
statement
Exchange rate adjustments of investments in subsidiaries
Cash flow hedges, realisation of previously deferred (gains)/losses
Cash flow hedges, deferred gains/(losses) incurred during the period
Other items
Tax on other comprehensive income, net
Other comprehensive income for the period
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 23 of 29

APPENDIX 3: CASH FLOW STATEMENTDKK million

Q1 2023

Q1 2022

Net profit

19,814

14,210

4,923
1,719

3,709
1,650

20,230(10,216)

7,388
1,893

Interest received
Interest paid

188
(165)

48
(52)

Income taxes paid

(6,679)(5,260)Net cash generated from operating activities

29,814

23,586

Purchase of intangible assets
Purchase of property, plant and equipment(108)(4,693)(260)(1,520)

33
(7)

—
(7)

Purchase of marketable securities
Sale of marketable securities(2,354)482(1,845)
1,725

Net cash used in investing activities(6,647)(1,907)Purchase of treasury shares
Dividends paid
Proceeds from issue of bonds
Proceeds from borrowings
Repayment of borrowings
Withheld dividend tax(5,199)(18,337)
—
—
(478)
3,393

(4,477)(15,690)
11,12030(12,855)
2,737

Net cash used in financing activities(20,621)(19,135)

NET CASH GENERATED FROM ACTIVITIES

2,546

2,544

Cash and cash equivalents at the beginning of the year
Exchange gain/(loss) on cash and cash equivalents

12,653(263)

10,719(55)

Cash and cash equivalents at the end of the period

14,936

13,208Adjustment for non-cash items:
Income taxes in the Income Statement
Depreciation, amortisation and impairment losses
Other non-cash items
Change in working capital

Proceeds from other financial assets
Purchase of other financial assets

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 24 of 29

APPENDIX 4: BALANCE SHEETDKK million

31 Mar 2023

31 Dec 2022

Intangible assets

50,48951,416

Property, plant and equipment
Investments in associated companies

70,014
270

66,671
327

Deferred income tax assets
Other receivables and prepayments

14,080288

13,427
206

941

1,016

TOTAL NON-CURRENT ASSETS

136,082

133,063

Inventories

25,61524,388Trade receivables
Tax receivables

50,502
1,133

50,560940

Other receivables and prepayments
Marketable securities

6,286
12,835

6,005
10,921

Derivative financial instruments
Cash at bank

2,636
14,936

2,727
12,653TOTAL CURRENT ASSETS

113,943

108,194

TOTAL ASSETS

250,025

241,257

Share capital
Treasury shares
Retained earnings
Other reserves456(6)
77,070
2,354

456
(6)
80,587
2,449

TOTAL EQUITY

79,874

83,486

Borrowings
Deferred income tax liabilities
Retirement benefit obligations
Other liabilities
Provisions

24,267
7,875
682
322
5,044

24,318
7,061
762
100
4,590

Total non-current liabilities

38,19036,831

Borrowings
Trade payables
Tax payables
Other liabilities
Derivative financial instruments
Provisions

1,251
10,050
6,062
24,3602,282
87,956

1,466
15,587
7,091
23,606
2,903
70,287

Total current liabilities

131,961

120,940TOTAL LIABILITIES

170,151

157,771

TOTAL EQUITY AND LIABILITIES

250,025

241,257

ASSETS

Other financial assets

EQUITY AND LIABILITIESStrategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 25 of 29

APPENDIX 5: EQUITY STATEMENT

Share
capitalTreasurysharesRetainedearnings

Other
reserves456(6)80,587
19,814

2,449

83,486
19,814

Other comprehensive income for the period

39

(95)

(56)

Total comprehensive income for the period

19,853(95)

19,758

DKK million

Total

Q1 2023
Balance at the beginning of the year
Net profit for the period

Transactions with owners:
Dividends
Share-based payments(18,337)400(18,337)
400

—

(234)
(5,199)(234)(5,199)456(6)77,0702,354

79,874

SharecapitalTreasurysharesRetainedearnings

Other
reserves

Total

462

(6)

72,004
14,210325(1,714)
1,197

70,746
14,210
1,522

Total comprehensive income for the period

14,535

1,197

15,732

Transactions with owners:
Dividends
Share-based payments
Tax related to restricted stock units
Purchase of treasury shares(1)(15,690)246(7)(4,476)(7)

66,612

Tax related to restricted stock units
Purchase of treasury shares
Balance at the end of the period

DKK million
Q1 2022
Balance at the beginning of the year
Net profit for the period
Other comprehensive income for the period

Balance at the end of the period

Strategic
aspirations

Performancehighlights

462

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus(15,690)246(7)(4,477)(517)

Purpose andsustainability

66,550Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 26 of 29

APPENDIX 6: SALES SPLIT PER AREA
Q1 2023 sales split per area
Total

North
America
Operations

The USInternational
Operations

EMEA

RegionChina

Rest ofWorld

Injectable GLP-1% change at CER®
Ozempic% change at CER®
Victoza% change at CER®
Rybelsus% change at CER

22,45543%
19,640
59%
2,815
(17%)
4,356
107%

15,27747%
14,011
64%
1,266
(32%)
2,701
67%

13,872
42%
12,649
59%
1,223
(32%)
2,664
67%

7,178
35%
5,629
49%
1,549
1%
1,655
227%

4,078
38%
3,348
52%
730
(3%)
970
—

1,313
53%
850
85%
463
17%
36
—

1,787
18%
1,431
27%
356
(9%)
649
187%

Total GLP-1

26,811

17,978

16,536

8,833

5,048

1,349

2,436

% change at CERLong-acting insulin% change at CER®
Tresiba% change at CER®
Xultophy% change at CER®
Levemir% change at CER
Premix insulin% change at CER®
Ryzodeg% change at CER®
NovoMix% change at CER
Fast-acting insulin% change at CER®
Fiasp% change at CER®
NovoRapid% change at CER
Human insulin% change at CER

50%
4,133
(14%)
2,179
(16%)
781
10%
1,173
(23%)
2,776
(7%)
971
54%
1,805
(24%)
4,488
(9%)
518
3%
3,970
(10%)
2,012
(11%)

50%
1,153
(32%)
663
(32%)
99
(23%)
391
(34%)
139
(18%)
—
—
139
(18%)
1,751
(5%)
120
(34%)
1,631
(2%)
363
(14%)

45%
999
(36%)
533
(38%)
96
(23%)
370
(35%)
135
(18%)
—
—
135
(18%)
1,671
(4%)
109
(37%)
1,562
0%
350
(13%)

52%
2,980
(5%)
1,516
(7%)
682
17%
782
(17%)
2,637
(7%)
971
54%
1,666
(24%)
2,737
(11%)
398
23%
2,339
(15%)
1,649
(11%)

57%
1,899
(5%)
885
(4%)
462
7%
552
(16%)
705
4%
158
9%
547
2%
1,723
(7%)
333
17%
1,390
(12%)
510
(3%)

56%
416
(25%)
241
(25%)
47
—
128
(42%)
1,310
(13%)
499
122%
811
(37%)
470
(27%)
—
—
470
(27%)
391
(38%)

40%
665
14%
390
2%
173
27%
102
38%
622
(2%)
314
18%
308
(17%)
544
(5%)
65
57%
479
(10%)
748
8%

Total insulin

13,409

3,406

3,155

10,003

4,837

2,587

2,579

% change at CER
1Other Diabetes care
% change at CER

(11%)
729
(21%)

(18%)
161
(30%)

(18%)
147
(25%)

(8%)
568
(17%)

(5%)
165
(7%)

(22%)
289
(13%)

4%
114
(40%)

Total Diabetes care

40,94921,545

19,83819,404

10,050

4,225

5,129

% change at CER®
Wegovy% change at CER®
Saxenda% change at CER

21%
4,563
211%
3,279
63%

32%
4,425
201%
1,486
77%

29%
4,425
201%
1,364
85%

12%
138
—
1,793
53%

19%
138
—
1,078
51%

(7%)
—
—
53
46%

17%
—
—
662
57%

DKK million
Diabetes and Obesity care segment

Total Obesity care

7,842

5,911

5,789

1,931

1,216

53

662

% change at CER

124%

156%

162%

65%

71%

46%

57%

Diabetes and Obesity care total

48,791

27,45625,627

21,335

11,266

4,278

5,791

31%

47%

45%

15%

23%

(6%)

20%

3,049
(3%)
660
19%
197
15%
2,101
(11%)
1,128
(38%)
399
(12%)

1,288
(3%)
144
19%
77
29%
1,017
(8%)
422
(33%)
131
(23%)

1,226
(3%)
134
16%
46
52%
1,000
(8%)
414
(34%)
55
(46%)

1,761
(2%)
516
18%
120
8%
1,084
(13%)
706
(41%)
268
(5%)

1,095
24%
334
21%
76
10%
654
25%
169
(71%)
212
(9%)

127
35%
105
0%
3
0%
19
(75%)
54
12%
2
0%

539
(35%)
77
(46%)
41
4%
411
(36%)
483
(19%)
54
14%

% change at CER
Rare disease segment
2

Rare blood disorders% change at CER
Haemophilia A% change at CER
Haemophilia B% change at CER®
NovoSeven% change at CER
3Rare endocrine disorders% change at CER
4
Other Rare disease% change at CER
Rare disease total

4,576

1,841

1,695

2,735

1,476

183

1,076

% change at CER

(16%)

(14%)

(15%)

(17%)

(12%)

27%

(27%)

Total sales

53,36729,29727,322

24,07012,742

4,461

6,867

% change at CER

25%

41%

39%

10%

18%

(5%)

9%

% change as reported

27%

47%

46%

9%

18%

(8%)

8%

Share of growth

100%

78%

71%

22%

18%

(2%)

6%

1)

®

®

®

Primarily NovoNorm , needles and GlucaGen HypoKit .
2)
®
®
®
®
®
Comprises NovoSeven , NovoEight , Esperoct , Refixia and NovoThirteen .
3)®
Primarily Norditropin .
4)®
®
Primarily Vagifem and Activelle .

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 27 of 29

APPENDIX 7: ACQUISITION OF BUSINESSES
Forma Therapeutics, Inc.
On 14 October 2022, Novo Nordisk acquired all outstanding shares of the publicly held US company Forma Therapeutics,
Inc. via a cash tender offer. Novo Nordisk did not hold any shares in Forma Therapeutics prior to the acquisition. The
acquisition of Forma Therapeutics, including its lead development candidate, etavopivat, is aligned with Novo Nordisk’s
strategy to complement and accelerate its scientific presence and pipeline in haemoglobinopathies, a group of disorders inwhich there is abnormal production or structure of the haemoglobin protein in the red blood cells.
Details of the acquisition
The total purchase price amounts to DKK 8,102 million and has been settled in full by cash consideration.
Novo Nordisk completed the acquisition of Forma Therapeutics, Inc. through a merger of Novo Nordisk’s wholly owned
subsidiary with and into Forma Therapeutics in which all shares not tendered into the offer were cancelled and converted
into the right to receive cash equal to the USD 20 offer price per share, without interest, less any applicable tax
withholding. At the completion of the merger, Forma Therapeutics, Inc. became a wholly owned subsidiary of Novo
Nordisk. The common stock of Forma Therapeutics, Inc. is no longer listed or traded on the Nasdaq Global Select Market.
DKK million
Goodwill as of 14 October 2022

524

Exchange rate adjustment(55)

Goodwill as of 31 March 2023

469

For further information regarding the acquisition and the provisional purchase price allocation please refer to the Annual
Report for 2022.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 28 of 29

APPENDIX 8: NON-IFRS FINANCIAL MEASURES (ADDITIONAL INFORMATION)
In this Company Announcement, Novo Nordisk discloses certain financial measures of the Group’s financial performance,
financial position and cash flows that reflect adjustments to the directly comparable measures calculated and presented inaccordance with IFRS. These non-IFRS financial measures may not be defined and calculated by other companies in thesame manner and may thus not be comparable with such measures. The non-IFRS financial measures presented in the
Company Announcement are Sales and operating profit at CER, EBITDA and EBITDA at CER as well as Free cash flow.
Sales, operating profit and EBITDA growth at CER'Growth at CER’ means that the effect of changes in exchange rates is excluded. It is defined as Net sales/Operating profit/
EBITDA for the period measured at the average exchange rates for the same period prior year compared with Net sales/
Operating profit/EBITDA for the same period prior year. Price adjustments within hyperinflation countries as defined in IAS
29 ‘Financial reporting in hyperinflation economies’ are excluded from the calculation to avoid growth at CER being
artificially inflated.
Growth at CER is considered to be relevant information for investors in order to understand the underlying development insales, operating profit and EBITDA by adjusting for the impact of currency fluctuations.
Sales at CER
DKK million
Net sales
Effect of exchange rates
Sales at CER

Q1 2023

Q1 2022% change
Q1 2023 to
Q1 202253,36742,031

27%

(954)

—

52,41342,03125%

Q1 2023

Q1 2022% change
Q1 2023 to
Q1 2022
31%

Operating profit at CER
DKK million
Operating profit

25,007

19,147

Effect of exchange rates

(562)

—

Operating profit at CER

24,445

19,147

28%

EBITDA
Novo Nordisk has significantly increased its Business Development M&A activities and Capital expenditure for property,
plant and equipment during recent years. Novo Nordisk defines Earnings before interest, taxes, depreciation andamortisation (EBITDA) as ’Operating profit’, plus 'impairment charges' and 'depreciation and amortisation'. EBITDA is ameasure that is widely used by investors and analysts as it helps analyse operating results from core business operations
without including the effects of capital structure, tax rates and depreciation and amortisation. These factors can vary
substantially between companies.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023

Financial report for the period 1 January 2023 to 31 March 2023

Page 29 of 29

EBITDA

Q1 2023

Q1 2022% change
Q1 2023 to
Q1 2022

Net profit

19,814

14,21039%

Income taxes

4,923

3,709

33%

270

1,228

(78%)

Operating profit (EBIT)

25,007

19,14731%

Depreciation, amortisation and impairment losses

1,719

1,650

4%

EBITDA

26,726

20,79729%

Q1 2023

Q1 2022% change
Q1 2023 to
Q1 2022

Net profit

19,814

14,21039%

Income taxes

4,923

3,709

33%

270

1,228

(78%)

Operating profit (EBIT)
Effect of exchange rates

25,007

19,147

31%

(562)

—

Operating profit (EBIT) at CER

24,445

19,14728%

Depreciation, amortisation and impairment losses
Effect of exchange rates

1,719
(10)

1,650
—

4%

Depreciation, amortisation and impairment losses at CER

1,709

1,650

4%

EBITDA at CER

26,154

20,79726%

DKK million

Financial items (net)

EBITDA at CER
DKK million

Financial items (net)

Free cash flow
Novo Nordisk defines free cash flow as ’net cash generated from operating activities’, less ‘net cash used in investing
activities’, less repayment on lease liabilities and excluding net change of marketable securities. Free cash flow is ameasure of the amount of cash generated in the period which is available for the Board of Directors to allocate between
Novo Nordisk's capital providers, through e.g. dividends, share repurchases and repayment of debt (excluding leaseliability repayments) or for retaining in the business to fund future growth.
The following table shows a reconciliation of Free cash flow with Net cash generated from operating activities, the mostdirectly comparable IFRS financial measure:Free cash flow
DKK million

Q1 2023

Q1 2022Net cash generated from operating activities

29,814

23,586

Net cash used in investing activities(6,647)(1,907)

Net purchase of marketable securities

1,872

120

Repayment on lease liabilities

(275)

(231)

24,764

21,568

Free cash flow

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Financial
Information

Company announcement No 30 / 2023